Nationwide News understands the Government has committed to maintaining the inflation rate to between 4 and 6 percent as part of the wage increase agreement it has inked with six trade unions.
The administration says it will use appropriate strategies to minimize the impact of inflation on prices and possible shocks to the economy.
This guarantee is part of the wage deal of 16-percent increase over 4 years which has been offered to the unions.
According to the agreement, should the inflation rate increase more than 2-percent over the target, the wage deal will be subject to review.
Our news center disclosed this week – that at least six trade unions have signed the Government’s wage increase offer of 16-percent over 4 years.
It’s understood that the Jamaica Civil Service Association, JCSA, inked the agreement yesterday afternoon.
The influential Confederation of Trade Unions, which includes the Bustamante Industrial Trade Union, BITU and the National Workers Union, NWU, have also signed the agreement.
As well as the Jamaica Workers Union, JWU, and the Jamaica Association of Local Government Officers, JALGO.
It’s understood that the Jamaica Teacher’s Association, JTA, has asked for a payment schedule before getting back to the Government about the proposed agreement.
Yesterday, Finance Minister Audley Shaw told our news center that the administration is on the verge of achieving the crucial step of inking a wage deal with all the major unions.
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